i sold my FXE futures for a HUGE gain monday, bought a new mercedes for cash, and was looking for a new position for a weaker dollar scenario to hold the proceeds in. i like UDN b/c the exposure is broader than just the dollar so when the euro economy starts to weaken (as might the others), all my eggs aren't in one basket. it just seems easier to bet against the dollar now rather than on gold or silver, which are overbought.
i agree with you up to a certain point, although when the euro economy slows and the ecb cuts the dollar will strengthen because of the weighting. Almost 60% of the dollars fate rest upon the euro's movements.